The Gabelli Multimedia Trust Inc. (NYSE:GGT - Get Free Report) was the recipient of a large drop in short interest during the month of October. As of October 31st, there was short interest totalling 105,500 shares, a drop of 5.7% from the October 15th total of 111,900 shares. Based on an average trading volume of 74,900 shares, the days-to-cover ratio is currently 1.4 days.
The Gabelli Multimedia Trust Stock Performance
Shares of GGT traded up $0.02 during trading hours on Monday, reaching $4.78. 71,904 shares of the company's stock traded hands, compared to its average volume of 76,548. The firm's 50 day simple moving average is $4.82 and its 200-day simple moving average is $5.14. The Gabelli Multimedia Trust has a 12 month low of $4.56 and a 12 month high of $6.25.
The Gabelli Multimedia Trust Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, December 13th will be paid a $0.22 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a yield of 18.41%.
Institutional Inflows and Outflows
A number of hedge funds have recently added to or reduced their stakes in GGT. Quarry LP boosted its stake in The Gabelli Multimedia Trust by 322.5% during the third quarter. Quarry LP now owns 344,902 shares of the financial services provider's stock worth $1,700,000 after acquiring an additional 263,269 shares in the last quarter. Wolverine Asset Management LLC purchased a new position in The Gabelli Multimedia Trust in the third quarter worth about $537,000. PFG Investments LLC purchased a new position in The Gabelli Multimedia Trust in the third quarter worth about $53,000. Atomi Financial Group Inc. raised its holdings in The Gabelli Multimedia Trust by 15.9% in the second quarter. Atomi Financial Group Inc. now owns 50,093 shares of the financial services provider's stock worth $268,000 after buying an additional 6,864 shares during the last quarter. Finally, NBC Securities Inc. purchased a new position in The Gabelli Multimedia Trust in the third quarter worth about $29,000. 10.63% of the stock is owned by hedge funds and other institutional investors.
The Gabelli Multimedia Trust Company Profile
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The Gabelli Multimedia Trust Inc is a closed-ended equity mutual fund launched by GAMCO Investors, Inc It is managed by Gabelli Funds LLC. The fund invests in the public equity markets across the globe. It invests in stocks, convertible securities, preferred stock, options, and warrants of companies operating across global telecommunications, media, publishing, and entertainment industries.
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